Merchant Services … or is there another option?
There are so many merchant service companies out there, which one should I choose? Which one is going to give me the best ROI? How can I minimize my merchant fees? Here at Merchant Light, we provide two methods of receiving payment from clients… These are three excellent questions and ones that any company worth their salt should ask. Here is what we have found: Which one should I choose? Merchant services can cost quite a bit of money, but time is also money. It’s funny how people will do whatever it takes to get the cheapest rate, but they don’t consider how it takes an average of 8 hours more per month to reconcile their merchant statements than if they were to go with a more automated system. Let’s see, 8 hours x $20/hour = $160/month.
Wow. However, if you are a larger company with more merchant sales, it will most likely take you even more time. Some customers take 15-20 hours to reconcile their statements. At this rate, the cost savings could be even higher: 15 hours x $20/hour = $300/month. These numbers are conservative. Intuit Payment Solutions (IPS) provides you with the easiest to reconcile system of any that I’ve found.The claim that it saves an average of 8 hours/month of time for you or your bookkeeper is not that outragous. With a free comparison quote where you will receive a side-by-side comparison with your current merchant service, I don’t see how you can go wrong.
I just had a client who was on IPS and decided to look into a different merchant service. They promised his rate would be only half the rate he was currently paying…after two of the three months of using this service, he found that the amount he was paying was more than what IPS was charging him and switched back. He said, “Reconciling and using the system was more difficult.”
The other option is to have clients click on an email link that brings them to your very own payment web page. They enter their bank routing number and account number and pay whichever invoices they choose (hopefully all) and the money goes from their account directly into yours. For more information, click here. To sign up, please call Merchant Light, LLC and we’ll set you up right away!